Capital Importation Surges 182% to $3.37bn in January, Driven by Portfolio Investments — CBN
By Ezekiel Winner Ifeoma
E-ISSN:2354-4481
Nigeria recorded a sharp increase in capital importation, which rose by 182 per cent month-on-month to $3.37 billion in January 2026, up from $1.25 billion in December 2025, largely driven by foreign portfolio investment in bonds and money market instruments.
The Central Bank of Nigeria (CBN) disclosed this in its January 2026 Monthly Economic Report, attributing the growth primarily to increased inflows into portfolio investment channels.
According to the report, total capital inflow stood at $3.52 billion in January 2026, compared to $1.25 billion recorded in the preceding month.
It noted that foreign portfolio investment accounted for $3.37 billion of the total inflow, rising significantly from $0.94 billion in December 2025, driven by higher investments in bonds and money market instruments.
The CBN further stated that “other investment,” largely consisting of loans, declined to $0.12 billion from $0.16 billion in the previous month.
Direct investment also fell sharply by 80 per cent, dropping to $0.03 billion during the review period.
The report highlighted that portfolio investment dominated capital inflows, accounting for 95.72 per cent of the total, while other investment and direct investment represented 3.51 per cent and 0.77 per cent respectively.
Sectoral analysis showed that the banking sector remained the largest beneficiary of capital inflows, accounting for 75.15 per cent of the total. This was followed by financing activities with 22.20 per cent, while manufacturing and production accounted for 1.16 per cent. Shares attracted 0.76 per cent, with other sectors such as trading (0.41 per cent), agriculture (0.17 per cent), and information technology services (0.07 per cent) receiving smaller shares.
By country of origin, the United States led with 46.25 per cent of total inflows, followed by the United Kingdom at 40.57 per cent. Other contributors included Mauritius (5.80 per cent), South Africa (3.21 per cent), and the United Arab Emirates (1.38 per cent). Additional sources comprised France, Belgium, Singapore, the Isle of Man, and Morocco, among others.
In terms of destination within Nigeria, Lagos State attracted the largest share of capital importation at 90.17 per cent, followed by the Federal Capital Territory with 9.80 per cent. Ogun State and Akwa Ibom State recorded marginal inflows of 0.02 per cent and 0.01 per cent respectively.
